DE30: Dynamic recovery up to the 61.8% retracement

The German benchmark index continues to rise on Thursday, but can the short-term uptrend also be confirmed by a higher high? 

D1 chart

The DE30 continues the upward movement that started yesterday after the Fed rate decision, testing the 61.8% retracement of the downward impulse that started three weeks ago. A rise above this hurdle could quickly unleash more upside potential and bring the record high, currently around 4% away, into focus.

Source: xStation5

H1 chart

In the hourly chart, the structure within the broader upward impulse that started on December 3 is bullish again after breaking the local high at 15,696 points in pre-market today. After the multiple defense of the 50% retracement, a new major upward impulse may have been initiated.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany